Bank of England votes to hold interest rate at 5.25%

The Bank of England has voted to hold the base rate at 5.25%. Following 14 consecutive rises, beginning in December 2021, this is the first time in nearly two years that the central bank has voted to maintain the base rate at its current level. The Monetary Policy Committee (MPC) voted 5-4 in favour of the decision.

This move followed encouraging inflation figures released by the Office for National Statistics (ONS) yesterday with saw inflation fall by 0.1% to 6.7%.

Despite fears of an incoming recession, the decision by the MPC points to a slow economic recovery following months of turmoil, which saw inflation peak at a 40-year high of 11.1% in October 2022 and the ongoing cost-of-living crisis put increasing financial pressures on families across the UK.

For homeowners and mortgage brokers, the decision comes as a sigh of relief following months of soaring mortgage rates and affordability concerns.

Source - The Intermediary


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